Rhode Island Now Owns Kingdoms of Amalur

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State takes control of all 38 Studios assets.

By Andrew Goldfarb

Rhode Island has won court approval to take control of all assets owned by 38 Studios, including the rights to Kingdoms of Amalur. As decided yesterday by U.S. bankruptcy judge Mary Walrath, The Rhode Island Economic Development Corporation and BNY Mellon (an investment services firm) will take possession of all of 38 Studios’ assets, including its intellectual property, as payment for the unpaid $75 million loan granted to 38 Studios by the state.

According to a report from Bloomberg, the state will attempt to sell the assets in order to provide the proceeds to the remaining balance on 38’s loan. Bloomberg reports that both parties claimed that they needed to take action immediately because “if the trustee appointed to dismantle the game-maker received permission to abandon computer equipment ‘all or substantially all of the intellectual property could be irretrievably lost.’” The intellectual property is said to make up the “vast majority” of 38’s value and “will take weeks to preserve and transfer to new servers.”

The studio filed for bankruptcy on June 7th, and executives have been testifying in court in the weeks since, revealing that 38 owed Kingdoms of Amalur: Reckoning publisher Electronic Arts $30 million in addition to the $75 million the studio owed Rhode Island.